Monday 19 December 2016

Colombo Stock Exchange Market Review – 19th Dec 2016


Colombo bourse extended losses for the fifth straight session amid lackluster trading as investors became passive with the advent of the festive week. ASI closed 18.04 index points (-0.3%) lower at 6,250.57 while S&P SL 20 index shed 9.38 points (-0.3%) to close at 3,512.29.

Bearish sentiments prevailed across the board and out of the 170 scripts traded, only 29 shares gained while 72 saw decline in its share price. Among the losers were Ceylon Tobacco (LKR 850.00,-1.2%), Ceylon Cold Stores (LKR 765.60,-1.9%), Commercial Bank (LKR 143.60, -1.0%) and Overseas Realty (LKR 20.00,-5.2%).

The turnover slid to LKR 261mn. 28% of the turnover came from the only crossing today in Nestle Lanka (36,000 shares at LKR 2,050.00). Accordingly, Nestle (LKR 77mn) become the top contributor to the turnover along with Hemas Holdings (LKR 51mn), John Keells Holdings (LKR 30mn) and HNB- nonvoting (LKR 33mn).

John Keells Holdings (LKR 147.00, -0.1%) was by far the most traded stock today. Further, investor interest was seen in Chevron Lubricants (LKR 160.10, -0.5%), Asia Asset Finance (LKR 1.40) and Ceylon Grain Elevators (LKR 81.40, -2.1%).

After the controversial transaction on last Friday, Seylan Bank closed 5.5% higher at LKR 89.70. Though the media reported of a possible cancellation of the Friday’s transaction, the official announcement is yet to be made.
Peoples’ Leasing managed to close higher at LKR 17.90, +2.3% with the announcement of the anticipated interim dividend of LKR 0.75 per share.
During the session, Orient Finance announced an issue of preference shares to the existing shareholders on the basis of one for 37 at LKR 100.00 per share. However, there were no trades today.

Foreign investors were inactive today and accounted for mere 55% of the market activity. At the end of the trading, net foreign inflow was LKR 66mn. Top net inflows were seen in Hemas Holdings (LKR 51mn), HNB – nonvoting (LKR 22mn) and Nestle Lanka (LKR 3mn while top net outflow was mainly seen in John Keells Holdings (LKR 8mn).
Source: LSL

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